Gabon: Total sells interests in mature fields to Perenco

Transaction summary

By Joseph R. Fonseca

Total has signed an agreement for the sale of stakes
and the transfer of operatorship in various mature assets in
Gabon to Perenco.

The transaction is subject to approval by the authorities.

This agreement includes the sale of the Group's 100%-owned
affiliate Total Participations Petrolières Gabon, which holds
interests in 10 fields. In addition, Total Gabon (Total 58%) has
announced the sale of its interests in five fields and the
Rabi-Coucal-Cap Lopez pipeline network. The total value of the
transactions is around $350 million before adjustments and the
production divested by Total represents around 13,000 SEC barrels
per day (b/d).

"In a context of volatile Brent prices where reducing the
breakeven of our operations is a top priority, this agreement
demonstrates our ability to capture value through the disposal of
mature assets while benefiting from the synergies generated by
the transfer of operatorship," said Arnaud Breuillac, President
of Total Exploration & Production. "Total remains committed
to Gabon and will focus on maximizing value from its principle
strategic operated assets."

Following completion of the transaction, the Group's remaining
upstream assets in Gabon will be held entirely through Total
Gabon.

Feb 27, 2017

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